Wack Machalang

📘 Economics Glossary (Important Economics Terms & Definitions)

Bangladesh Smart Economics Society- BESS

1. Economics – The study of how people use limited resources to satisfy unlimited wants.

2. Scarcity – A situation where resources are limited but human wants are unlimited.

3. Opportunity Cost – The value of the next best alternative that is given up when a choice is made.

4. Demand – The quantity of a good or service consumers are willing and able to buy at different prices.

5. Supply – The quantity of a good or service producers are willing to sell at different prices.

6. Market – A place or system where buyers and sellers interact to exchange goods and services.

7. Inflation – A continuous rise in the general price level of goods and services in an economy.

8. Deflation – A continuous fall in the general price level of goods and services.

9. GDP (Gross Domestic Product) – The total value of final goods and services produced within a country in a year.

10. National Income – The total income earned by the factors of production in an economy.

11. Fiscal Policy – Government policy related to taxation and public expenditure.

12. Monetary Policy – Policy used by the central bank to control money supply and interest rates.

13. Balance of Trade (BOT) – The difference between a country's exports and imports of goods.

14. Balance of Payments (BOP) – A record of all economic transactions between a country and the rest of the world.

15. Capital – Man-made resources used for producing goods and services (machines, tools, buildings).

16. Labour – Human effort used in the production process.

17. Land – All natural resources used in production.

18. Entrepreneurship – The ability to organize factors of production and take risks to start a business.

19. Utility – The satisfaction derived from consuming a good or service.

20. Elasticity of Demand – Measures how much demand changes when price changes.

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